Chinese-language online black markets have become major players in cybercrime, processing billions annually in illicit finance. These marketplaces facilitate the trade of stolen data, money laundering, and even tools for human trafficking, fueling scam operations globally. Now, the United Kingdom has targeted one such marketplace with potentially crippling sanctions. ### Xinbi Guarantee Targeted On Thursday, the UK’s Foreign, Commonwealth and Development Office, also known as the Foreign Office, announced financial sanctions against the **Xinbi Guarantee** online marketplace, which will likely severely limit its operations. This online bazaar, operating via channels and accounts on **Telegram**, has been linked to billions in cryptocurrency transactions and has proven difficult to disrupt. The sanctions coincide with penalties against individuals allegedly involved in operating large-scale scam compounds in Cambodia, including the **#8 Park** compound, which reportedly houses 20,000 individuals. The British government also seized properties in London, including a £9 million penthouse, linked to the sanctioned individuals. Foreign Office minister **Stephen Doughty** stated that the sanctions “send a clear message” to those running scam compounds. This action follows a wave of penalties from the US and UK against Cambodian-linked scamming operations in October. ### The Scale of the Scam Industry Over the past decade, hundreds of thousands of human trafficking victims have been forced to work in compounds across Cambodia and Southeast Asia, running online cryptocurrency investment and romance scams. This multi-billion-dollar industry, often connected to Chinese organized crime, relies on secondary services and cryptocurrency marketplaces like Xinbi for tools and infrastructure. Xinbi has grown into one of the largest marketplaces since the **Huione Group** was sanctioned last year. According to the UK’s sanctions register, “Xinbi is or has been involved in profiting financially or otherwise obtaining a benefit from human rights abuses,” citing the brutal treatment and torture within some scam compounds. “Xinbi has enabled and profited from the operation of scam centers in Southeast Asia.” ### Impact of the Sanctions **Tom Robinson**, chief scientist and cofounder of crypto-tracing firm **Elliptic**, stated that the sanctions will make it more challenging for Xinbi, its merchants, and users to spend or exchange cryptocurrency passing through the marketplace. Elliptic's analysis revealed that Xinbi Guarantee has facilitated at least $8.4 billion in transactions since 2022, with the majority likely stolen from online scam victims. The platform also facilitates the sale of technology, personal data, and money-laundering services necessary to run online scams. Following reporting by **WIRED**, Telegram removed channels and accounts linked to both the Huione marketplace and Xinbi last May. However, Xinbi has since rebuilt its presence on Telegram and diversified its infrastructure to withstand takedown attempts. "Xinbi was able to recover very effectively from Telegram's action against it. It simply created new Telegram channels and continued its activity,” Robinson told WIRED. “In fact it has grown substantially, increasing its market share following the shutdown of Huione Guarantee and other similar marketplaces.” Robinson estimates that Xinbi, including its merchants and infrastructure, has processed around $19.7 billion. ### Xinbi's Resilience The Xinbi website, included in the UK sanctions, lists multiple Telegram channels with thousands of members. Telegram has not yet responded to requests for comment regarding the sanctions against Xinbi and its linked channels. Analysis from **Chainalysis** indicates that Xinbi has taken steps to protect its operations, estimating that it processed $19.9 billion between 2021 and 2025. Recent measures include duplicating crypto payments infrastructure on an alternative messaging app and launching its own payment app, **XinbiPay**. Chainalysis researchers note that “All of Xinbi’s services are connected on chain, signaling an effort to build out proprietary financial infrastructure and insulate itself from disruptions against other illicit service providers.” Governments worldwide are intensifying enforcement against the scam ecosystem, including sanctioning crypto marketplaces, disrupting crypto-based money laundering, and raiding scam centers. Following US-UK sanctions last year, including the arrest of alleged criminal mastermind **Chen Zhi**, Cambodia has been attempting to address the issue. The UK's sanctions against Xinbi represent the latest effort to disrupt this sprawling criminal enterprise.